UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                   FORM 10-QSB

[X]      REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 2004

[_]      TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

                  For the transition period from __________ to  __________

                        Commission File Number 000-32585

                   SUNRISE REAL ESTATE DEVELOPMENT GROUP, INC.
                     (FORMERLY PARALLAX ENTERTAINMENT, INC.)
--------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

             TEXAS                                        75-2713701
(State or other jurisdiction of                (IRS Employer Identification No.)
 incorporation or organization)

                       18 Fl.-2, No. 6, Sec. 4 Xinyi Road,
                                 Da-An District
                          Taipei City, Taiwan ROC, 106
          (Address of principal executive offices, including zip code.)

                                 886 2 2700 5195
              (Registrant's telephone number, including area code)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days.
YES     [X]      NO   [_]



Issuers involved in Bankruptcy Proceedings during the past Five Years.
         Not Applicable.

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest  practicable date: March 31, 2004 - 6,630,614 shares of
Common Stock

Transitional Small Business Issuer Format
YES     [_]      NO   [X]

<PAGE>

                          PART I FINANCIAL INFORMATION

Item 1. Financial Statements.


                   Sunrise Real Estate Development Group, Inc.
                          (A Development Stage Company)

                          Compiled Financial Statements
                             March 31, 2004 and 2003
                                      with
                     Report of Certified Public Accountants

May 12, 2004


To the Board of Directors
Sunrise Real Estate Development Group, Inc.
Taipei, Taiwan


We have  compiled  the  accompanying  balance  sheets  of  Sunrise  Real  Estate
Development  Group,  Inc. (a  development  stage  company)  (formerly  "Parallax
Entertainment,  Inc.") as of March 31, 2004 and 2003 and the related  statements
of  operations  and cash  flows  for each of the three  months  then  ended,  in
accordance  with  Statements on Standards  for  Accounting  and Review  Services
issued by the American Institute of Certified Public Accountants.

A  compilation  is limited to  presenting  in the form of  financial  statements
information  that is the  representation  of management.  We have not audited or
reviewed the accompanying financial statements and, accordingly,  do not express
an opinion or any other form of assurance on them.

The accompanying  financial  statements have been prepared  assuming the Company
will  continue  as a going  concern.  As  discussed  in Note 2 to the  financial
statements,  the Company has suffered  significant  operating  losses that raise
substantial doubt about its ability to continue as a going concern. Management's
plans in  regard to these  matters  are  described  in Note 1.  These  financial
statements do not include any adjustments  that might result from the outcome of
this uncertainty.



Turner, Stone & Company, L.L.P.
Certified Public Accountants









                                        2
<PAGE>

                   SUNRISE REAL ESTATE DEVELOPMENT GROUP, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                                 BALANCE SHEETS
                             MARCH 31, 2004 AND 2003



                                                     March 31,       March 31,
                                                       2004            2003
                                                    -----------     -----------
Current assets:

     Cash                                           $   162,480     $      --
                                                    -----------     -----------

Total current assets                                $   162,480     $      --
                                                    ===========     ===========

Liabilities:

Accounts payable and accrued liabilities            $    15,151     $     6,766
Advances from a former director                          12,064             336
Advances from director                                    4,532            --
                                                    -----------     -----------

Total liabilities                                        31,747           7,102
                                                    -----------     -----------

Stockholders' deficiency:

Common stock, $0.01 par value; 200,000,000
     shares authorized; $0.01 par value;
     6,630,614 and 30,635 shares issued
     and outstanding, respectively                       66,307             306
Additional paid in capital                            5,146,180       5,045,955
Accumulated deficit                                  (5,081,754)     (5,053,363)
                                                    -----------     -----------

                                                        130,733          (7,102)
                                                    -----------     -----------

Total liabilities and stockholders' equity          $   162,480     $      --
                                                    ===========     ===========








           See Accountants' Compilation Report and Accompanying Notes.




                                       3
<PAGE>

                   SUNRISE REAL ESTATE DEVELOPMENT GROUP, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF OPERATIONS
               FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003





                                                   March 31,         March 31,
                                                     2004              2003
                                                  -----------       -----------

Revenues                                          $      --         $      --
                                                  -----------       -----------


Selling, general and administrative
    expenses                                           22,203             2,087
                                                  -----------       -----------
                                                       22,203             2,087

Loss from operations                                  (22,203)           (2,087)
                                                  -----------       -----------

Net loss                                          $   (22,203)      $    (2,087)
                                                  ===========       ===========

Net loss per common share                         $     (.003)      $     (.068)
                                                  ===========       ===========

Weighted average number of common
    shares outstanding                              6,630,614            30,635
                                                  ===========       ===========





















           See Accountants' Compilation Report and Accompanying Notes.


                                       4
<PAGE>

                   SUNRISE REAL ESTATE DEVELOPMENT GROUP, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF CASH FLOWS
               FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003




                                                         March 31,    March 31,
                                                            2004         2003
                                                         ---------    ---------
Cash used in operating activities:

Net loss                                                 $ (22,203)   $  (2,087)

     Adjustments to reconcile net loss
         to net cash used in operating
         activities:

        Increase in accounts payable
           and accrued liabilities                          15,151        1,751
                                                         ---------    ---------
                  Cash used in operating activities         (7,052)        (336)
                                                         ---------    ---------

Cash flows from financing activities:

        Proceeds from issuance of common stock             165,000         --
        Advances from directors                              4,532          336
                                                         ---------    ---------
                  Cash flows provided by financing
                    activities                             169,532          336
                                                         ---------    ---------

Net increase in cash                                       162,480         --

Cash, beginning of period                                     --           --
                                                         ---------    ---------

Cash, end of period                                      $ 162,480    $    --
                                                         =========    =========

Interest paid                                            $    --      $    --
                                                         =========    =========






           See Accountants' Compilation Report and Accompanying Notes.


                                       5
<PAGE>

                   SUNRISE REAL ESTATE DEVELOPMENT GROUP, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS



1. ORGANIZATION AND BUSINESS

Sunrise Real Estate Development Group, Inc. (formerly  "Parallax  Entertainment,
Inc.") ("the  Company") was  incorporated  in Texas in October 1996. The Company
changed its name to Sunrise Real Estate  Development  Group,  Inc.  effective in
December 2003 following a change in the majority stockholder and a change in its
business and has re-entered the development stage. Beginning with the year 2004,
the  Company  intends to pursue  real estate  development  activities  and raise
additional  capital.  Formerly,  the Company  (Parallax)  was in the business of
licensing,  acquiring,  marketing and  distributing  recorded music. The Company
re-entered the development stage in 2004. Therefore,  the cumulative information
from inception is the same as the  information  for the three months ended March
31, 2004.

The stockholders  approved a 1 for 500 reverse stock split and a 1 for 5 reverse
stock split in January and December 2003, respectively.  All share and per share
amounts have been retroactively restated to reflect these stock splits.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This  summary of  significant  accounting  policies  is  presented  to assist in
understanding the financial  statements.  The financial statements and notes are
representations  of the Company's  management,  which is  responsible  for their
integrity  and  objectivity.  These  accounting  policies  conform to accounting
principles  generally  accepted  in the United  States of America  and have been
consistently applied in the preparation of the financial statements.

Use of estimates
----------------

The process of preparing  financial  statements  in conformity  with  accounting
principles  generally  accepted in the United States of America requires the use
of estimates and  assumptions  regarding  certain types of assets,  liabilities,
revenues and expenses. Such estimates primarily relate to unsettled transactions
and  events  as of the  date  of the  financial  statements.  Accordingly,  upon
settlement, actual results may differ from estimated accounts.

Foreign currency transactions
-----------------------------

Through the course of  business,  the Company has  received  services  that were
billed  in a  currency  other  than the  United  States  dollar,  the  Company's
functional   currency.   Management  has  elected  to  value  foreign   currency
transactions at average rates of exchange in effect during the reporting period.
Realized gains and losses from foreign  currency  transactions  are reflected in
the results of operations.


                                       6
<PAGE>

                   SUNRISE REAL ESTATE DEVELOPMENT GROUP, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS



Cash and cash equivalents
-------------------------

For purposes of the  Statements of Cash Flows,  the Company  considers all short
term investments securities purchased with a maturity of three months or less to
be cash equivalents.

Revenue recognition
-------------------

The Company  previously sold records and  merchandise  (t-shirts,  posters,  and
other band  paraphernalia) via three separate mediums - booths set up at musical
events,  through  distributors on a consignment basis, and through retailers not
on a consignment  basis.  Records and  merchandise  sales at musical events were
cash  sales  and  were  recognized  when  payment  was  received.   Records  and
merchandise  sold through a distributor on a consignment  basis were  recognized
when the distributor notified the Company that a sale had been made. Records and
merchandise  sold  through  retailers  not  on  a  consignment  basis  were  not
returnable  and were  recognized in the period they were delivered to the buyer.
The Company has ceased such operations.

Net loss per common share
-------------------------

Net loss per common  share was computed by dividing the net loss by the weighted
average number of shares  outstanding  during the periods.  The weighted average
number of common  shares was  calculated  by taking the number of common  shares
outstanding and weighting them by the amount of time that they were outstanding.
Such per share amounts for 2003 have been retroactively  restated to reflect the
reverse stock splits discussed in Note 1.

Going concern
-------------

The Company's financial  statements have been presented on a going concern basis
that  contemplates the realization of assets and the satisfaction of liabilities
in the normal course of business.  The Company's  significant  operating  losses
raise  substantial  doubt about its ability to continue as a going concern.  The
financial  statements do not include any adjustments  that might result from the
outcome of this  uncertainty.  The Company is  reporting  cumulative  net losses
since inception of $5,081,754.  Management has plans to seek additional  capital
through a private  placement  and  public  offering  of its  common  stock.  The
financial   statements   do  not  include  any   adjustments   relating  to  the
recoverability  and  classification  of  recorded  assets,  or the  amounts  and
classification  of liabilities  that might be necessary in the event the Company
cannot continue in existence.




                                       7
<PAGE>

                   SUNRISE REAL ESTATE DEVELOPMENT GROUP, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS



Advance royalties and recording costs
-------------------------------------

Advance  royalties and recording  costs have been charged to expense as incurred
because,  based on performance and current  popularity of the Company's artists,
it is not possible to determine  if the  advances  and  recording  costs will be
collectible from future royalties.


3.   INCOME TAXES

The  Company  has  net  operating  loss  carry  forwards  for  tax  purposes  of
approximately $2,750,000 at December 31, 2003. These carry forwards will expire,
if not utilized in 2011-2017.  At December 31, 2003,  the Company had a deferred
tax asset of  approximately  $1,040,000  attributable to the loss carry forward,
which was offset entirely by a valuation allowance of an equal amount. There are
no other material deferred tax assets or liabilities.

4. RELATED PARTIES

The  amount  due to a  former  director  of  $12,064  is  non-interest  bearing,
unsecured  and is due on  demand.  In  connection  with the  change in  majority
stockholders  discussed  in Note 1, the former  director  received  an option to
exchange  the above  debt for 6,000  shares of common  stock  (adjusted  for the
reverse stock split  discussed in Note 1). The option allows the former director
one year to exercise the option.

The amount due to a director of $4,532 is non-interest bearing, unsecured and is
due on demand.

5. ISSUANCE OF COMMON STOCK

In January  2004,  the Company  raised  $165,000 of equity  capital  through the
issuance of 6,600,000 common stock shares in a Regulation S offering.










                                       8
<PAGE>

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF INTERIM FINANCIAL INFORMATION

Cautionary Statement Regarding Forward-looking Statements

         This  section  of this  report  includes  a number  of  forward-looking
statements  that  reflect our current  views with  respect to future  events and
financial performance.  Forward-looking statements are often identified by words
like:  believe,  expect,  estimate,  anticipate,  intend,  project  and  similar
expressions, or words which, by their nature, refer to future events. You should
not place undue certainty on these forward-looking statements,  which apply only
as of the date of our  report.  These  forward-looking  states  are  subject  to
certain  risks and  uncertainties  that  could  cause  actual  results to differ
materially from historical results or our predictions.

         We currently have limited working capital. We may have to rely on loans
from our  officers  and  directors  if we deplete  all of our  capital  until we
complete an acquisition or merger. On a long-term basis,  liquidity is dependent
on  commencement of operation and receipt of revenues,  additional  infusions of
capital,  and debt financing.  While we may be receiving sufficient infusions of
capital from our officers and directors,  we will not be generating any revenues
until the completion of a merger or acquisition  and we will not take any action
to acquire debt financing  other than infusions of capital from our officers and
directors.

Plan of Operation.

         We are in a development  stage and have not  conducted  any  operations
since we ceased our  recorded  music  operations  over 18 months ago. We will be
relying on cash on hand and  infusions  from our officers and directors in order
to pay  accounting and legal costs  associated  with filing our reports with the
Securities and Exchange  Commission  and any fees due the State of Texas.  Other
than the foregoing, we do not anticipate spending any money.

         We anticipate  that until a business  combination  is completed with an
acquisition candidate, we will not generate revenues and may continue to operate
at  a  loss  after  completing  a  business  combination,   depending  upon  the
performance of the acquired  business.  We seek acquisition or merger candidates
with ongoing operations.

Results of Operations  for quarter ended March 31, 2004 verses the quarter ended
March 31, 2003.

         We had zero  operating  revenues in both  quarters.  SG&A expenses were
$22,203 for the quarter ended March 31, 2004 compared to $2,087 expenses for the
quarter  ended March 31, 2003.  Our net loss was ($22,203) for the quarter ended
March 31, 2004  compared with a loss of ($2,087) for the quarter ended March 31,
2003.



                                       9
<PAGE>

         Again  we are  no  longer  in the  business  of  licensing,  acquiring,
marketing,  and distributing  high quality recorded music for a variety of music
formats.  Accordingly,  the foregoing  information will not be indicative of our
future operations.

Liquidity and Capital Resources

         As of March 31,  2004,  we have cash  assets of  $162,468  and  minimum
liabilities  other than  accrued  payables  to  professionals  assisting  in the
preparation  of our SEC  reports.  In the first  quarter  of 2004,  the  Company
recorded  the  sale of  6,600,000  shares  of  common  stock  to non- US  person
investors  for US  $0.025  per  share or US  $165,000.  The  Company  relied  on
Regulation S as its exemption from the registration  requirements of the federal
Securities Act of 1933 in connection with these sales to non-US persons.

         We have limited  funds to seek a  combination  candidate.  In the event
these funds are spent without  finding an acquisition or combination  candidate,
any further  activities are expected to be funded by loans from our officers and
directors.

Item 3.  Controls and Procedures

(a)      Evaluation of disclosure controls and procedures.

         The  President  and  Principal  Financial  Officer of the Company  have
         conducted  an  evaluation  of  the   effectiveness   of  the  Company's
         disclosure  controls and  procedures  pursuant to Rule 13a-14 under the
         Securities  Exchange Act of 1934 as of a date (the  "Evaluation  Date")
         within 90 days prior to the filing date of this report. Based upon that
         evaluation,  they  concluded  that,  as of  the  Evaluation  Date,  the
         Company's disclosure controls and procedures were effective in ensuring
         that all material  information  relating to the Company  required to be
         filed in this report has been made known to them in a timely manner.

(b)      Changes in internal controls.

         There have been no significant  changes made in the Company's  internal
         controls or in other factors that could  significantly  affect internal
         controls subsequent to the Evaluation Date.





                                       10
<PAGE>

                           PART II - OTHER INFORMATION


Items 1, 2, 3, 4 and 5 - Not applicable.


Item 6.  Exhibits and Reports on Form 8-K

(a)      Exhibits

         31.1     Certificate of Principal  Executive  Officer  required by Rule
                  13a-14(a) or Rule 15d-14(a) of the Securities  Exchange Act of
                  1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley
                  Act of 2002 (filed herewith).

         31.2     Certificate of Principal  Financial  Officer  required by Rule
                  13a-14(a) or Rule 15d-14(a) of the Securities  Exchange Act of
                  1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley
                  Act of 2002 (filed herewith).

         32.1     Certificate of Chief Executive  Officer  pursuant to 18 U.S.C.
                  Section  1350,  as  adopted  pursuant  to  Section  906 of the
                  Sarbanes-Oxley Act of 2002 (filed herewith).

         32.2     Certificate of Chief Financial Officer pursuant to 18 U. S. C.
                  Section  1350,  as  adopted  pursuant  to  Section  906 of the
                  Sarbanes-Oxley Act of 2002 (filed herewith).

(b)      Reports on Form 8-K. None


























                                       11
<PAGE>

                                    SIGNATURE

         Pursuant to the requirements of the Exchange Act, the Registrant caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized, on this 14th day of May, 2004.

                               SUNRISE REAL ESTATE DEVELOPMENT GROUP, INC.
                               (Registrant)

                               BY:  /s/ Chiu, Chi-Yuan
                                  Chiu, Chi-Yuan, President, Principal Executive
                                  Officer and Director







































                                       12